Views: 0 Author: Site Editor Publish Time: 2022-10-21 Origin: Site
Acetic acid: Under the contradiction between supply and demand, the market is weak and down
During the National Day holiday and in the early days after the holiday, the domestic acetic acid market was once strongly driven by the low inventory of most acetic acid factories and the cost of coal and methanol. However, due to the lack of favorable fundamentals, by October 11, the East China market took the lead in a sharp downturn.
Henan Shunda is still in a state of shutdown recently, and the specific restart time is still inconclusive; Huayi's 1.2 million tons/year acetic acid plant in Guangxi was restarted soon after an accidental shutdown on the evening of October 11; Celanese and Huayi Shanghai And Anhui and other acetic acid plants have reduced the negative, and the overall operating rate of the industry is about 8.4%. The operating rate is at a normal level, and downstream users concentrate on replenishment before and after the National Day holiday, and the social inventory of acetic acid is also at a medium level.
Based on low inventory pressure, acetic acid factories mostly maintained high-priced offers. But October involves a long holiday and fewer working days, so contract traders are more active in shipping. In addition, some low-priced goods in the early stage were also shipped at a profit, so the market supply was very abundant.
In terms of downstream demand, the overall operating rate of PTA has rebounded to about 7.6% with the restart of the previous maintenance equipment; the operating rate of acetate is also at the normal level, and the large downstream demand is relatively stable, which makes the inventory of most acetic acid plants increase slowly. However, the small and medium-sized downstream still park a lot, especially under the expectation that the market outlook for raw materials is weak, the current consumption of more inventory is mainly. Under the pressure of limited spot demand, contract traders can only compete on price to stimulate shipments, so the East China market took the lead in falling.
In terms of export, foreign acetic acid plants are running smoothly, and the foreign supply gap is not large. However, the stock of acetic acid in Indian ports is still high, and the price of Indian buyers' willingness to counter-offer is much lower than that of domestic exporters, and the export market is relatively stalemate.
In the later period, the holder of the goods has a strong willingness to ship, while the downstream users of the spot are not in a high mood to receive goods. The overall social inventory is in a trend of increasing, which is obviously bad for the market, and the export market has not been able to boost the domestic market. It is expected that the acetic acid market will be biased in the later period. Weak operation. But at the same time, coal prices are firm, which also has a bottom-up effect on acetic acid.